Global Ag News for Dec 27.24

TOP HEADLINES

Bunge shuts Illinois soy processing plant after fire

Bunge Global has temporarily shut a soybean processing plant in Cairo, Illinois, after a fire in a conveyor belt on Thursday, the grain company said.

The company, one of the world’s top agricultural merchants, is assessing damage at the facility to determine when it can resume operations, spokesperson Deb Seidel said. No one was injured, she added.

Firefighters from Cairo, located at the confluence of the Mississippi and Ohio rivers in southern Illinois, and surrounding areas responded to the blaze, according to the city’s police department.

Concerns about processing disruptions from the fire helped support soybean and soymeal futures, which hit a two-month high.

 

FUTURES & WEATHER

Wheat prices overnight are down 3 in SRW, down 5 1/4 in HRW, down 4 in HRS; Corn is down 1; Soybeans down 2 1/2; Soymeal down $1.40; Soyoil up 0.33.

For the week so far wheat prices are up 6 1/2 in SRW, up 4 1/4 in HRW, up 1 1/2 in HRS; Corn is up 7; Soybeans up 16 1/2; Soymeal up $12.20; Soyoil up 0.25.

For the month to date wheat prices are down 10 in SRW, up 5 1/2 in HRW, down 1 3/4 in HRS; Corn is up 19 3/4; Soybeans down 1 1/4; Soymeal up $15.90; Soyoil down 1.86.

Year-To-Date nearby futures are down 14.1% in SRW, down 14.5% in HRW, down 18.2% in HRS; Corn is down 3.8%; Soybeans down 23.7%; Soymeal down 20.9%; Soyoil down 17.0%.

Chinese Ag futures (MAY 25) Soybeans down 7 yuan; Soymeal up 30; Soyoil up 58; Palm oil up 70; Corn up 23 — Malaysian Palm is up 81.

Malaysian palm oil prices overnight were up 81 ringgit (+1.78%) at 4624.

 

There were changes in registrations (-33 Soybeans). Registration total: 20 SRW Wheat contracts; 72 Oats; 17 Corn; 150 Soybeans; 879 Soyoil; 1,665 Soymeal; 105 HRW Wheat.

Preliminary changes in futures Open Interest as of December 26 were: SRW Wheat up 3,373 contracts, HRW Wheat down 835, Corn up 7,870, Soybeans down 10,185, Soymeal down 15,390, Soyoil up 2,458.

 

Brazil: Fronts will continue to move through central Brazil, providing widespread, wet-season rain showers and favorable conditions for flowering to filling soybeans and developing corn. Showers will be much more limited across southern Brazil through the end of the month, but towards the beginning of January, more systems may eventually lead to scattered showers.

Argentina: Only spotty showers have taken place earlier this week with a weaker front moving through. Otherwise, drier and cooler conditions are expected through the upcoming weekend before a few more fronts move through next week. With next week’s fronts, showers may be a bit more widespread and favorable for developing corn and soybeans.

Northern Plains: Well above average temperatures are expected to continue through the end of the month and only isolated showers are expected into the weekend. The next chance for more scattered showers won’t return until early next week. By the start of the new year, a more prolonged blast of arctic air could develop that could linger through the first few weeks of January. Heavier precipitation is needed across the region to help reduce drought conditions and improve soil moisture.

Central/Southern Plains: Wheat areas in the west have been drier lately. The pattern keeps the southeast Plains on the wetter side through early this weekend before a quick-moving system enters the Central Plains early next week. With warmer temperatures in place until early next week, precipitation will largely be in form of rain. However, temperatures may be cool enough for snow across Nebraska with the system early next week.

Midwest: Widespread rainfall is expected late this week as a system drifts through the region. Showers will linger across the Eastern Midwest through Sunday before another system advances through southern and eastern areas early next week. Snowfall will be hard to come by with these systems moving through as temperatures remain on the warm side; however, towards late next week, temperatures will start to dive below normal.

 

The player sheet for Dec. 26 had funds: net buyers of 3,500 contracts of SRW wheat, buyers of 19,500 corn, buyers of 12,500 soybeans, buyers of 8,500 soymeal, and sellers of 2,500 soyoil.

TENDERS

  • WHEAT PURCHASE: Algeria’s state grains agency OAIC is believed to have purchased an estimated 1.17 million metric tons of milling wheat in an international tender that closed on Tuesday.
  • BRAZIL SOY EXPORTS: Soy exports in Brazil, the world’s biggest supplier of the oilseed, are seen reaching 1.62 million metric tons in December, Brazilian grain exporters’ group Anec said.
  • RUSSIA WHEAT EXPORTS: Russia’s IKAR agricultural consultancy projected 2025/26 Russian wheat exports at 41 million metric tons in a baseline scenario, down from 43.5 million tons expected in the current season.

 PENDING TENDERS

  • BARLEY TENDER: Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley.
  • RICE TENDER: Bangladesh’s state grains buyer issued an international tender to purchase 50,000 metric tons of rice.

 

 

interconnected globe

 

 

TODAY

GRAIN EXPORT SURVEY: Corn, Soy, Wheat Sales Before USDA Report

Estimate ranges are based on a Bloomberg survey of three analysts; the USDA is scheduled to release its export sales report on Friday for week ending Dec. 19.

  • Corn est. range 1,000k – 1,600k tons, with avg of 1,313k
  • Soybean est. range 1,000k – 1,925k tons, with avg of 1,624k

 

ETHANOL: US Weekly Production Survey Before EIA Report

Output and stockpile projections for the week ending Dec. 20 are based on four analyst estimates compiled by Bloomberg.

  • Production seen lower than last week at 1.1m b/d
  • Stockpile avg est. 22.887m bbl vs 22.636m a week ago

 

Brazil Soy Exports Seen Reaching 1.62 Million Tns In December – Anec

BRAZIL SOY EXPORTS SEEN REACHING 1.62 MILLION TNS IN DECEMBER VERSUS 1.62 MILLION TNS IN PREVIOUS FORECAST – ANEC

BRAZIL CORN EXPORTS SEEN REACHING 4.1 MILLION TNS IN DECEMBER VERSUS 4.1 MILLION TNS IN PREVIOUS FORECAST – ANEC

BRAZIL SOYMEAL EXPORTS SEEN REACHING 2.10 MILLION TNS IN DECEMBER VERSUS 2.18 MILLION TNS IN PREVIOUS FORECAST – ANEC

 

Conab Says Brazil’s Soybeans Exports Likely to Recover

Brazil is expected to export 105.5 million metric tons of soybeans in the 2024/2025 season, the country’s agricultural agency Conab says in a note. This year through November, the country’s soybeans exports totalled 96.8 million tons, down 46% from the previous period, due to disappointing production, Conab says.

 

Turkey Wheat Production Fell 5.5% in 2024, TurkStat Says

Total cereals output decreased 7.5% to about 39m tons in 2024, according to TurkStat’s annual crop production statistics.

  • Wheat production declined 5.5% to 20.8m tons
  • Barley production fell 12% to 8.1m tons
  • Maize production decreased by 10% to 8.1m tons
  • Sugar beets production fell 8.9% to 23m tons

 

US Miss. River Grain Shipments Fall, Barge Rates Increase: USDA

Barge shipments down the Mississippi river declined to 796k tons in the week ending Dec. 21 from 902k tons the previous week, according to the USDA’s weekly grain transportation report.

  • Barge shipments of corn fell 11% from the previous week
  • Soybean shipments down 20.2% w/w
  • St. Louis barge rates were $15.72 per short ton, an increase of $0.16 from the previous week

 

 

 

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